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Tinubu reforms shift Nigeria from fragility to growth as global pressures mount(Photos)

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Nigeria’s economic reform programme under President Bola

Tinubu is steadily moving the country away from a cycle of economic vulnerability toward a more stable and growth driven path.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this during a press briefing at the Spring Meetings of the World Bank and the International Monetary Fund in Washington D.C.

He explained that the policy measures introduced since mid 2023 were designed not as temporary fixes but as structural changes that can sustain themselves over time while strengthening the economy against external shocks.

Edun noted that the global environment in which the meetings are taking place remains highly uncertain, with export tensions, trade disruptions and tightening financial conditions continuing to weigh on economies across the world.

Within this context, he said Nigeria’s approach is anchored on credible and disciplined macroeconomic management aimed at building lasting prosperity.

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According to him, key reforms including the move to a market reflective foreign exchange system and the deregulation of fuel pricing are beginning to restore balance and reduce long standing distortions in the economy.

He added that these measures are already improving Nigeria’s capacity to absorb shocks that originate from outside its borders.

On inflation, Edun acknowledged that pressures remain, largely driven by energy costs, food prices and logistics challenges. However, he pointed out that government is responding through targeted social protection programmes and ongoing agricultural interventions to cushion the impact on citizens.

The Minister stressed that fiscal discipline remains central to the reform effort, with a clear departure from inefficient subsidy regimes and a renewed focus on prudent resource management.

Providing an update on key indicators, Edun said economic growth has exceeded four per cent, external reserves have risen to about 50 billion dollars and inflation is beginning to ease gradually. He added that public debt remains within sustainable limits.

Beyond the numbers, he said the reforms are unlocking domestic production and restoring confidence within the private sector.

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The Minister cited major investments such as the Dangote Refinery as tangible evidence of renewed investor confidence, while noting that small and medium enterprises are benefiting from improved incentives.

He stated that Nigeria is now moving from stabilisation to a phase of accelerated growth and job creation, with power, agriculture, infrastructure and digital innovation expected to drive expansion.

Edun also disclosed that development partners at the meetings reaffirmed their support for Nigeria’s reform priorities, while investor interest continues to grow across energy, agribusiness and infrastructure sectors.

According to him, Nigeria is also pushing for reforms at the global level to reduce the cost of capital for developing countries, which remains a major constraint to growth.

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The Minister expressed confidence that the country’s standing in the global economy is improving as its reform efforts gain recognition, adding that the policies will ultimately deliver sustainable growth and reduce poverty.

He further commended members of the Nigerian delegation and reaffirmed the Federal Government’s commitment to attracting investment and strengthening development partnerships.

In the same vein, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country remains firmly committed to sustaining reforms and preserving macroeconomic stability.

He explained that the meetings provided an opportunity to review Nigeria’s progress and reinforce institutional capacity needed to support long term economic resilience.

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Cardoso noted that despite persistent global challenges, including geopolitical tensions and inflationary pressures, Nigeria has been able to contain external shocks through improved exchange rate stability and stronger reserves.

The Central Bank Governor emphasised that consistency in reform implementation is critical to building long term investor confidence.

Highlighting developments in the financial sector, he said the ongoing banking sector recapitalisation has mobilised 4.65 trillion naira in new capital.

As at the March 31 deadline, 33 banks had met the new capital requirements, significantly strengthening the resilience of the financial system and its ability to support economic growth.

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He added that the exercise attracted strong participation from both domestic and international investors, reflecting sustained confidence in Nigeria’s banking sector.

Cardoso expressed optimism that continued reforms will reinforce stability, sustain growth and attract further investment into the economy.

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BINANI Air Moves to Cut Nigeria’s $218m Annual Aircraft Maintenance Outflow

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By Gloria Ikibah

BINANI Global Air Services has engaged a global aviation firm to develop a mega Maintenance, Repair and Overhaul (MRO) facility in Abuja, in a move expected to retain about $218 million in foreign exchange annually in Nigeria.

The project, which is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda, is aimed at boosting local aircraft maintenance capacity and reducing Nigerian airlines’ dependence on foreign maintenance centres.

Chairperson of BINANI Air, Senator Aishatu Dahiru Ahmed, said the facility would address one of the major challenges confronting the country’s aviation industry — the huge cost of sending aircraft abroad for major maintenance checks.

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She said most Nigerian airlines currently rely on overseas facilities for C and D checks, leading to significant foreign exchange outflows.

According to her, the proposed MRO facility will not only help keep more aircraft in Nigeria for major maintenance but also strengthen the country’s technical capacity and support the growth of the aviation sector.

She said: “Currently, domestic airlines outsource the vast majority of their heavy maintenance checks, such as C checks and D checks, to foreign facilities in Europe, the Middle East, and other African nations like Egypt and Ethiopia. This project will reduce this dependency while retaining and attracting FX of about 218 million US dollars annually”.

The proposed facility comes amid persistent concerns over the high cost of aircraft maintenance and Nigeria’s reliance on overseas MRO centres.

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C and D checks require specialised infrastructure, sophisticated equipment and highly skilled personnel, which have historically been limited in Nigeria. As a result, airlines have had to send their aircraft abroad, paying for the services in foreign currency.

A functional heavy maintenance facility in Nigeria can also boost the country’s technical workforce and create specialised employment opportunities, while supporting the emergence of a wider aviation maintenance ecosystem.

The facility can further position Abuja as a potential MRO hub for Nigerian and other African airlines, subject to its eventual capacity, regulatory approvals and certification.

Senator Ahmed said the investment represents an expansion of its role beyond domestic passenger operations into infrastructure capable of serving the wider aviation industry.

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However, the project’s significance will ultimately depend on its execution and the ability to translate years of discussions about local MRO capacity into a fully operational facility.

The proposed Abuja MRO will mark a major shift for Nigeria’s aviation industry if it succeeds in keeping aircraft at home for major maintenance checks and reducing the country’s dependence on foreign facilities.

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OPay Rubbishes Viral Shutdown Rumour, Warns Against Fake Publication

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By Our Correspondent.

 

Leading fintech company, OPay Digital Services, has dismissed as false and malicious a viral social media publication claiming that the company would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds.

The fabricated publication, which gained traction across social media platforms on Sunday, purportedly warned OPay customers that the fintech would shut down its operations for an extended period beginning September 1.

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However, OPay, in an official response published across its verified social media platforms, described the claim as false, assuring customers that the company remains fully operational.

In a statement titled, “This is FALSE!”, the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere! 💚”

The company further urged its customers and members of the public to scrutinise the viral publication for inconsistencies and rely only on its verified communication channels for authentic information.

“True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags.

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“Always verify before you share. Filter the noise! Follow our official pages for authentic OPay updates,” the company stated, ending the message with the hashtag, #OPayIsOkay.

Also reacting to the development, the Vice President, Public and Government Affairs, OPay Digital Services, Dr. Maxwell Loko, described the viral publication as “false, malicious and misleading.”

Loko said OPay was not shutting down and cautioned customers against taking any action based on the fabricated information.

“This post is false, malicious and misleading. OPay is not shutting down, and customers should not be misled into withdrawing their funds based on fabricated information,” he said.

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He urged members of the public to disregard the publication and depend exclusively on OPay’s verified platforms for official announcements.

“We urge the public to disregard this post and rely only on OPay’s verified communication channels for official information,” Loko added.

The OPay executive further warned that deliberate attempts to spread false information capable of creating panic or undermining confidence in a financial institution could attract legal consequences.

“The deliberate spread of false information designed to cause panic or undermine confidence in a financial institution is a serious matter and may have legal consequences,” he said.

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The development has also raised concerns over the growing use of fabricated digital content to damage the reputation of financial technology companies and potentially trigger unnecessary panic among customers.

While speculation has circulated in some quarters that the publication could be linked to competitive interests seeking to undermine OPay’s growing market position, no evidence has been publicly established to substantiate such claims.

OPay therefore advised its customers to exercise caution and verify financial or operational announcements through its authenticated communication channels before acting on them.

The company’s clarification effectively puts to rest the viral claim that it would cease or suspend operations from September 1, 2026, with OPay reaffirming that its services remain available to customers.

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70-year-old granpa nabbed for sexual assault of 8-year-old girl in Bauchi

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The Bauchi State Police Command has arrested a 70-year-old man, Usman Abubakar, over the alleged defilement of an eight-year-old girl in the Tsakanin Bayara area of Bauchi metropolis.

According to a statement issued by the Command’s Police Public Relations Officer, Superintendent of Police (SP) Nafiu Habib, the suspect was arrested following a complaint lodged at the ‘E’ Division, Yelwa, by the victim’s 48-year-old father on Wednesday, August 26, 2026.

According to the police, the father alleged that the suspect, who resides in the same area, lured his daughter to an uncompleted building on Sunday, August 24, where he allegedly sexually assaulted her.

The Command said its operatives immediately commenced action after receiving the report and arrested the suspect.

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The police further stated that the suspect allegedly confessed to the offence during interrogation.

Following the incident, the victim was taken to the Police Clinic for medical examination and necessary care.

The Commissioner of Police, CP Sani-Omolori Aliyu, condemned the alleged offence and assured members of the public that the matter would be thoroughly investigated.

The case has been transferred to the State Criminal Investigation Department (SCID), Bauchi, for discreet investigation and prosecution, according to the Command.

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The police reiterated their zero tolerance for sexual violence and child abuse, while urging parents, guardians and members of the public to remain vigilant and report suspicious activities to the nearest police station.

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